Fantom growth in high ‘triple digits’ despite crypto winter

Andre Cronje, who rejoined the Fantom Foundation as an architect in November, published a performance review of Fantom (FTM) in 2022 on December 24. Cronje exited the crypto and decentralized finance (DeFi) worlds in March, causing quite a stir.

According to Cronje's FTMScan data, the yearly growth of daily transactions on the Fantom network reached 131% between 2021 and 2022. This falls well short of the network's yearly growth rate of 12,998% in 2020-2021. Cronje highlighted that daily transactions show the amount of activity users undertake on-chain.

The average block size on the Fantom network increased by 163% per year in 2022, up from 25% in 2021. According to Cronje, the increased block space means that users would have to pay more to include their transactions.

Over the last year, daily gas usage increased by 86%, indicating how much users are ready to pay to add their transactions to the network. In comparison, daily gas consumption on Fantom increased by 9425% in 2020-2021.

The daily verified contracts count the number of new contracts that have been verified on Fantom. “It's a bit of a leap to relate this to development activity, but it's close,” Cronje remarked. According to FTMScan data, daily validated contracts on Fantom climbed by 70% in 2022 compared to 1400% in 2021.

Cronje observed that Fantom's total value locked (TVL) increased by 216% in 2021-2022, citing DefiLlama statistics. However, this rise pales in comparison to the 49,089% annual TVL growth realized in 2020-2021.

DAU on Fantom increased by 41% in 2021-2022, compared to 5589% the previous year. Furthermore, the network's monthly average active developers climbed by 41% in 2022, compared to 50% in 2020-2021.

Finally, Cronje stated that the price of FTM increased by 18% in 2021-2022, compared to a yearly increase of 2025% in 2020-2021. According to CryptoSlate data, FTM was trading at $0.203 at the time of writing, down 94.21% from its all-time high of $3.526.

Despite a dip in growth during the crypto winter, Cronje decided that Fantom's growth metrics remain in the “high double and triple digits,” which is quite strong for “any tech or growing industry.” He continued:

“We can see that Fantom has been able to achieve this growth with very little incentives and will be able to sustain this growth in the future.”

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